VDP PROJECTEN: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VDP PROJECTEN
Largest movements
- Tangible fixed assets +€31,548
up €31,548 (+34291.5%), from €92 to €31,640
- Cash +€30,352
up €30,352 (+78.0%), from €38,918 to €69,270
mainly Net result for the year (+€24,053) and Debts after one year (+€23,148)
- Receivables within one year -€11,858
down €11,858 (-54.6%), from €21,731 to €9,873
of which Trade receivables: -€13,083
- Profit (loss) carried forward +€24,053
up €24,053 (+32.6%), from €73,719 to €97,772
- Debts after one year +€23,148
new in 2025: €23,148
- Current portion of long-term debt +€6,102
new in 2025: €6,102
- Other debts -€2,275
no longer reported in 2025 (was €2,275)
- Gross operating margin -€57,895
down €57,895 (-63.3%), from €91,501 to €33,606
- Taxes -€13,166
down €13,166 (-70.8%), from €18,584 to €5,418
- Depreciation +€3,954
up €3,954 (+8596.0%), from €46 to €4,000
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,741 | €160,783 | +€50,042 | +45.2% |
| Fixed assets | 21/28 | €92 | €31,640 | +€31,548 | +34291.5% |
| Tangible fixed assets | 22/27 | €92 | €31,640 | +€31,548 | +34291.5% |
| Furniture and vehicles | 24 | €92 | €31,640 | +€31,548 | +34291.5% |
| Current assets | 29/58 | €110,649 | €129,143 | +€18,493 | +16.7% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €21,731 | €9,873 | -€11,858 | -54.6% |
| Trade receivables | 40 | €19,621 | €6,538 | -€13,083 | -66.7% |
| Other amounts receivable | 41 | €2,110 | €3,335 | +€1,225 | +58.1% |
| Cash at bank and in hand | 54/58 | €38,918 | €69,270 | +€30,352 | +78.0% |
| Total equity and liabilities | 10/49 | €110,741 | €160,783 | +€50,042 | +45.2% |
| Equity | 10/15 | €76,219 | €100,272 | +€24,053 | +31.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,719 | €97,772 | +€24,053 | +32.6% |
| Amounts payable | 17/49 | €34,522 | €60,510 | +€25,989 | +75.3% |
| Amounts payable after more than one year | 17 | - | €23,148 | +€23,148 | |
| Financial debts | 170/4 | - | €23,148 | +€23,148 | |
| Amounts payable within one year | 42/48 | €34,522 | €37,362 | +€2,840 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,102 | +€6,102 | |
| Trade debts | 44 | €10,659 | €9,687 | -€973 | -9.1% |
| Suppliers | 440/4 | €10,659 | €9,687 | -€973 | -9.1% |
| Advances received on contracts in progress | 46 | - | €1,488 | +€1,488 | |
| Taxes, remuneration and social security | 45 | €21,587 | €20,085 | -€1,502 | -7.0% |
| Taxes | 450/3 | €18,584 | €18,584 | = | 0.0% |
| Remuneration and social security | 454/9 | €3,004 | €1,502 | -€1,502 | -50.0% |
| Other amounts payable | 47/48 | €2,275 | - | -€2,275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46 | €4,000 | +€3,954 | +8596.0% |
| Other operating charges | 640/8 | €291 | €509 | +€218 | +74.8% |
| Gross operating margin | 9900 | €91,501 | €33,606 | -€57,895 | -63.3% |
| Operating profit (loss) | 9901 | €91,164 | €29,097 | -€62,068 | -68.1% |
| Financial income | 75/76B | €1,286 | €1,309 | +€24 | +1.8% |
| Recurring financial income | 75 | €1,286 | €1,309 | +€24 | +1.8% |
| Financial charges | 65/66B | €147 | €935 | +€788 | +537.0% |
| Recurring financial charges | 65 | €147 | €935 | +€788 | +537.0% |
| Profit (loss) for the period before taxes | 9903 | €92,303 | €29,471 | -€62,832 | -68.1% |
| Income taxes | 67/77 | €18,584 | €5,418 | -€13,166 | -70.8% |
| Profit (loss) for the period | 9904 | €73,719 | €24,053 | -€49,666 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €73,719 | €24,053 | -€49,666 | -67.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.